Reps begin probe of oil coys over N9.4trn debts
The House of Representatives has launched a probe into outstanding debts totaling N9.4 trillion owed the Federation Accounts by several oil companies. The investigation, spearheaded by the House Committee on Public Accounts, follows findings from the Auditor-General’s 2021 Annual Report, which uncovered long-standing unpaid royalties, concession rentals, and gas flare penalties, among other financial obligations. […]
The House of Representatives has launched a probe into outstanding debts totaling N9.4 trillion owed the Federation Accounts by several oil companies.
The investigation, spearheaded by the House Committee on Public Accounts, follows findings from the Auditor-General’s 2021 Annual Report, which uncovered long-standing unpaid royalties, concession rentals, and gas flare penalties, among other financial obligations.
The committee said despite the provisions of the Petroleum Industry Act requiring settlement within 30 days, many companies have yet to clear their debts.
In a bid to enforce compliance, the committee, chaired by Rep Bamidele Salam (Osun, PDP), has summoned the defaulting companies to appear before it at the National Assembly Complex, Abuja, from March 3 to March 7, 2025.
- Borno rep, Zannah, distributes Ramadan aid packages, cash to constituents
- PMS price cut: Dangote to refund customers, absorbs N16bn loss
Among those invited are major industry players such as Shell, Chevron, TotalEnergies, Oando, Conoil, Aiteo, Adax, and Mobil Producing Nigeria.
The Committee Chairman, Rep. Bamidele Salam, emphasised the importance of accountability, stating that “Oil companies must fulfill their statutory obligations to maintain the integrity and accountability of our nation’s resources. We welcome a collaborative approach with all stakeholders as we work together to address these discrepancies in an effective and efficient manner.”
The committee has mandated that each company’s chief executive officer, along with relevant officers, must appear in person, warning that failure to comply could result in further legislative action.